Canada Emergency Business Account (CEBA)
The Canada Emergency Business Account (CEBA) provides interest-free loans up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Business owners are now able to apply for support from Northern Savings through the extended CEBA program (CEBA 3.0).
Business owners are now able to apply for support from Northern Savings through the extended CEBA program (CEBA 3.0).
If you do not have online banking with Northern Savings, please contact us as soon as possible and we can get your business set up - as you must have online banking in order to apply for CEBA.
Program Highlights
- Interest rate of 0% until December 31, 2022, with an interest rate of 5% thereafter;
- No minimum monthly principal payments required until December 31, 2022;
- Principal repayments can be made at any time;
- If you repay 75% of the Principal amount on or prior to December 31, 2022 the remaining 25% of the Principal amount will be forgiven.
How to Apply
Business owners can access the CEBA application through our MemberDirect Online Banking and MemberDirect Small Business websites. To access the application follow these steps:- Log in to your online banking account
- On the left hand side select "Account Services"
- Click on "Canada Emergency Business Account (CEBA)"
- Complete the required steps and upload documents as required
- Once submitted, a Northern Savings representative will process the application
- If your application is approved, you will be contacted to sign the required documents
Eligibility
As of June 26, 2020, businesses eligible for CEBA now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it.Applicants without at least $20,000 in payroll in 2019 will have to demonstrate having eligible non-deferrable expenses between $40,000 and $1,500,000 in 2020. Visit the Government of Canada's website for a complete list of eligibility requirements >
FAQs
CEBA 3.0 extends the eligibility to now include owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll. This means that more small businesses can access it.
Yes, each business that meets the eligibility criteria may apply for CEBA.
Please ensure that only the authorized signer of your Northern Savings Business account applies and that you only submit one application per business.
Once you have applied, uploaded all necessary supporting documents, and if pre-funding eligibility validation is successful, you should expect to receive funding within 10-15 business days.
The processing time starts when your application form and all required supporting documentation is received by the Government of Canada.
Your application and supporting documentation must be properly completed to start the pre-funding eligibility validation process.
The processing time starts when your application form and all required supporting documentation is received by the Government of Canada.
Your application and supporting documentation must be properly completed to start the pre-funding eligibility validation process.
The loan is interest-free until December 31, 2022. Also, no principal repayments are required during this period unless you wish to repay $30,000, or 75% of the loan, to qualify for the $10,000 forgiveness feature.
If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.
If you choose to extend the loan beyond this date, an interest rate of 5% will apply during the extension period. We’ll provide you more information on interest payments during the extension period once the program is in place.
The loan will be deposited in your account after the loan is approved.
Yes, the application can only be done through our Online Banking platform. Signing up is fast and easy, and you will find that the features of Online Banking are very convenient. Contact your Business Account Manager to get set up >
Contact our Business Account Managers
Prince Rupert
George Emes250.627.3638
georgeemes@northsave.com
Brandon Haldane
250.627.3635
brandonhaldane@northsave.com
Terrace
Paige Franco250.638.3246
paigefranco@northsave.com
Dave Pernarowski
250.638.3242
davepernarowski@northsave.com
